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MTNN, Nestle Push Bearish Trading On Monday

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stock NGX MTNN Nestle

Trading in the domestic stock exchange, NGX resumed for the week on Monday with bearish sentiments due to profit taking in bellwether stocks – MTNN and Nestle.

Specifically, the market capitalisation lost N153 billion or 0.71 per cent to close at N21.471 trillion from N21.624 trillion on Friday.

Also, the All-Share Index dipped 293.48 points or 0.71 per cent to close at 41,144.67 against 41,438.15 posted on Friday.

Accordingly, the month-to-date and year-to-date return settled at 2.3 per cent and 2.2 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle, MTN Nigeria Communications (MTNN), FBN Holdings (FBNH), May and Baker and NPF Microfinance Bank.

Consequently, the market breadth closed negative with 21 losers as against 19 gainers.

May and Baker led the losers’ chart in percentage terms by 8.02 per cent to close at N4.36 per share.

Royal Exchange followed with 7.81 per cent to close at 59k, while NPF Microfinance Bank shed 7.57 per cent to close at N1.71 per share.

FBNH declined by 7.48 per cent to close at N11.75, while Mutual Benefits Assurance shed 6.67 per cent to close at 28 kobo per share.

Against the bearish push by MTNN, Nestle, the Nigerian Exchange Group conversely dominated the gainers’ chart in percentage terms with 9.86 per cent to close at N19.50 per share.

Ikeja Hotel followed with 9.52 per cent to close at N1.15, while Custodian Investment rose 7.53 per cent to close at N7.85 per share.

Honeywell Flour Mills up by 6.48 per cent to close at N3.78, while Chams appreciated by 4.55 per cent to close at 23k per share.

In the same vein, the total volume of shares traded dipped by 53.53 per cent with an exchange of 338.72 million shares valued at N4.06 billion exchanged in 5,866 deals.

This was in contrast with a total of 728.96 million shares worth N8.53 billion traded in 4,852 deals on Friday.

Transactions in the shares of FBNH topped the activity chart with 67.615 million shares valued at N832.79 million.

Access Bank followed with 36.62 million shares worth N351.21 million, while Transcorp traded 26.55 million shares valued at N26.62 million.

Guaranty Trust Holding Company (GTCO) traded 25.56 million shares worth N755.25 million, while Fidelity Bank transacted 19.47 million shares worth N53.25 million. (NAN)

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